Fuel: Prices continue to climb at the pump

The latest set of weekly fuel prices provided by the government has shown another week on week growth in the cost of diesel at the pump.

13th May 2022 1:25 PM

Last week, the price increased on average by 1.3ppl  to 178.39ppl – a change year-on-year of 48ppl.

The news means the average price at the pump is now higher than before the fuel duty cut was announced in the Spring Statement with a number of global geo-political factors playing a critical role in the uncertainty.

Brent price

The Energy Information Administration has reported Brent crude oil prices averaging $107 per barrel in the second quarter this year with the average price in April at around $105.

Although the price is lower than the high levels seen during the early days of the Ukraine crisis – where a barrel was reaching more than $130 – it has risen in recent weeks having fallen below $100 on the news of US oil reserves being released.

Continued uncertainty of the situation in Ukraine offset by weaker demand has resulted in the price stabilising around the $105-$110 mark in recent weeks with the inevitable domino effect of prices at the pumps remaining at a high level.